The whale had 14,837 Bitcoin worth over $1.6 billion, dating back to purchases from crypto exchanges Binance and HTX over seven years ago.
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A major Bitcoin whale who has diamond-handed Bitcoin for the last seven years has sold off some of its bag to open a long position in Ether, joining a recent wave of Bitcoin whales opening up to Ethereum.
The OG whale sold 670 Bitcoin () for $76 million on Wednesday, then used those funds to , totaling 68,130 (), Lookonchain in an X post on Thursday.
Before the sale, the whale had 14,837 Bitcoin worth over $1.6 billion, dating back to purchases from crypto exchanges Binance and HTX over seven years ago.
It comes only a week after Bitcoin of $124,128 on Aug. 14, and Ether came close to reclaiming its 2021 all-time high of $4,878.
Whale positions went down after buy
All four of the whales’ Ether positions were opened around the $4,300 mark, according to Lookonchain, and the bulk of the Ether is on 10x leverage, while a smaller position of 2,449 is on 3x leverage.
However, after the whale opened their positions on Wednesday, Ether’s price dropped, hitting a low of $4,080, putting three into the red and only about $300 away from the liquidation prices of $3,699, $3,700 and $3,732.
Ether is trading up 2.9% in the last 24 hours, to CoinGecko, and is currently changing hands for $4,287 per token.
Institutions stacking Ether too
A trio of whales’ panic sold 17,972, 13,521 and 3,003 Ether during a market dip on Tuesday, Lookonchain , but others were waiting in the wings to snap it up.
At the same time, two institution-linked wallets were stacking Ether, accumulating 9,044 each worth $38 million, to Lookonchain.
BitMine Immersion Technologies, a publicly traded Bitcoin company, also , bringing its holdings to 1.52 million tokens worth $6.6 billion.
Old whales moved their Bitcoin bags last month as well
Meanwhile, two other Bitcoin whales also moved large amounts of Bitcoin last month, but didn’t buy Ether.
A Satoshi-era Bitcoin whale with 80,201 tokens started shifting its holdings to Galaxy Digital after being dormant for 14 years, 16.
Related:
After six years of dormancy, another smaller whale woke on the same day and out 1,042Bitcoin, worth $123 million, to a new wallet.
Crypto analyst Willy Woo than 10,000 Bitcoin have been steadily selling since 2017, answering an X user’s question about who has been selling amid heightened interest from institutions.
However, analysts told Cointelegraph OG Bitcoiners that selling their holdings is nothing to worry about because , which is a good sign of a maturing market.
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